Good news for the social media giant…
Facebook released its fourth-quarter results on Wednesday, mobile ads boosted the company’s revenue by 50 per cent, this figure outpaced the social media giants spending.
Facebook is moving even closer to an audience of 2bn monthly users.
The company beat growth targets, even though there was some concern on running out of room to place ads on its news feed.
However, the company said its revenue growth rate will “come down meaningfully” in 2017.
Shares in Facebook have risen by 14 per cent since the start of the year and were up 1.5 per cent in after hours trading on Wednesday.
During a conference call on Wednesday, Facebook executives spoke of the importance of keeping users coming back to the social media site, they also discussed the popularity of its mobile photo app Instagram.
These are both important assets as the company looks to fend off competition from its rival Snapchat.
The use of Facebooks mobile app played a key role, mobile ads accounted for 84 per cent of its total ad revenue during the quarter.
Facebooks ratio of monthly active users stayed at a steady rate of 66 per cent.